A. The state board of finance may issue and sell at public or private sale severance tax bonds to refund outstanding severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding bonds, or any combination thereof when, in its opinion, such action will be beneficial to the state.
B. The state board of finance may issue and sell at public or private sale supplemental severance tax bonds to refund outstanding supplemental severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding supplemental severance tax bonds, or any combination thereof when, in its opinion, such action will be beneficial to the state.
History: 1953 Comp., § 72-18-36, enacted by Laws 1961, ch. 5, § 9; 1985 (1st S.S.), ch. 15, § 13; 1999 (1st S.S.), ch. 6, § 5.
ANNOTATIONSCross references. — For the state board of finance, see 6-1-1 NMSA 1978.
The 1999 amendment, effective July 1, 1999, deleted "and other bonds payable from the severance tax bonding fund" preceding "by exchange" near the middle of Subsection A; deleted former Subsections B and C, relating to use of the level savings method of advance refunding and prohibiting issuance of certain bonds to refund outstanding severance tax bonds; and added present Subsection B.